empty
 
 
16.05.2014 02:40 AM
Technical analysis of GBP/USD for May 16, 2014

The pair has been in a downtrend from 1.70 levels, making lowers highs and lower lows. In yesterday's trading session, the pair took support near the 50daily SMA at 1.6723 and 50.0 fib level, yesterday's low at 1.6732 levels. The initial strong support exists at 1.672 levels. The daily RSI is still in sell favors, but the daily Stochastics completely favors to buyers. As we recommended in yesterday's articles trades wait for 1.674 and then buy, the cable came to 1.6732 and taken an u turn up to 1.6806 levels.

This image is no longer relevant

On the up side, the pair is facing resistance at 1.68 levels, once sustain above this, it will fly up to 1.6875 levels. The pair is in safe zone, only above 1.6806 (yesterday's high). If the pair trades above the 1.6806 level, it will pause the downfall for some days and the lower high's formation will terminate. If the pair breaks the 1.672 levels, it will fall immediately up to 1.6696 and 1.666 levels.

This image is no longer relevant

Intraday
In Asia's trading session, the pair is trading at 1.6792 levels. The pair looks strong above 1.6806, weak below 1.6782 levels. On the upside, if the pair crosses the 1.6806, then it will shoot up to 1.6822, 1.6875 levels. On the downside, if it trades below the 1.6782, it will correct up to 1.6766, 1.6744 and 1.6720 levels.

This image is no longer relevant
Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $6000 más!
    ¡En Diciembre, sorteamos $6000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback